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Information Technology Portfolio Management: A Meta-Heuristic Optimization Approach
Abstract
This study involves the exploration of Information Technology Portfolio Management (ITPM) in conjecture with Modern Portfolio Theory (MPT). The ITPM constitutes an indispensable part of the Strategic Information System which is an integrated multi-functional structure having its origin in works of Anthony (1965) and Gibson & Nolan (1974). ITPM attempts to resolve the project selection problem concerning the majority of project-centric organizations. Roughly speaking, projects must compete for the scarce resources which are only available for the fittest ones. Although a large proportion of portfolio selection decisions are taken on a qualitative basis, quantitative approaches to selection such as MPT or its variants are beginning to gain wide application. Yet, the standard MPT has proved incapable of representing the complexities of real-world situations. This issue generates the present work which focuses on the project portfolio optimization problem through a meta-heuristic approach, that is, application of algorithmic methods able to find near-optimal solutions in a reasonable amount of computation time. The ultimate goal is the enhancement of IT portfolio management which has become a significant factor in the planning and operation of information-based organizations, thus, offering a competitive advantage.
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